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“2016 proved to be a challenging period for the group as it completed its refurbishment programme alongside the management changes required to allow the group to improve its long-term performance,” directors said in accounts filed with Companies House.

“The directors would like to place on record their appreciation of the continuing support from the bank during this period.”

They then added: “Although the changes undertaken by the group in 2016 did not result in the bottom line return that was envisaged, the directors are confident that 2017 will result in a much stronger performance.

“During 2016, the group was approached by a third party declaring interest in purchasing the accident repair business, after much consideration the directors accepted the offer and the business was sold on 1 March 2017.”